Umpa Lumpa

Cut that string and let balloons fly away, plus the way they are done - looks as there are six nipples on them. Find a more playful font and work on a subtext.
With lots of colors here - nothing really works to the theme.

I love the text and contrast but the balloons are sad. The strings need to be taught like the balloons are pulling up under tension, and the colors are for kids so less complex is better. Try the fly away balloon but it may pull eye away too strongly.

You do not need the balloons. Try working on the type to improve it a bit, and choose a happier color scheme.

As others have said, your text is strong enough on its own. I would do these things, though:

Be careful that you don't overlap your letters. Also make sure that you watch your kerning. The P/A spacing shouldn't be that close together.

I know they are Oompa Loompas, but Umpa Loompa sounds exactly the same as I would pronounce it. I don't know if the estate of Roald Dahl would take too kindly to this.

I REALLY like the typeface here because the letters are like swirly candy or whatever you call it :)

I also like the term LOOMPA more with double OO's than using U.

There's something about the swirling O's that's captivating and related to kids.

I like the colors in general but I like more the colors of version 3.

Take the balloons out, the font itself is doing the heavy lifting.